However, high oil prices may be bullish for stocks.
UBS's Jonathan Golub argues as much. Elevated oil
prices was one of four reasons that caused Golub to raise his
S&P 500 EPS estimate and boost his year-end price target to
1,475 from 1,325.

There was some
very bizarre news related to Wynn Resorts today.
First, the shares were halted pending news. Then news
broke via a Wynn 8-K filing that the company won approval to
build on Macau's Cotai strip. Shares surged 6 percent on
the news. Minutes later, Wynn shares were halted yet
again pending more news. An amended 8-K was filed saying
that the previous 8-K was "filed by mistake." This had
everyone scratching their heads. Nevertheless, shares
closed much higher for the day.